The GBP/USD pair is on a steady recovery path so far this session, although the bulls failed to survive above 1.25 handle, as sentiment remains subdued amid weaker commodities’ prices and mixed Asian equities.
Cable remains supported amid stalled USD buying across the board as the treasury yields remain largely suppressed, while impressive Chinese services and manufacturing reports soothed China slowdown concerns and lent support to the risk currency GBP.
Currently, GBP/USD is trading at 1.2471, up + 0.02%, having posted a daily high at 1.2508 and low at 1.2459.
GBP/USD technical levels:
In the 4 hours chart, the pair remained below a bearish 20 SMA, with a spike beyond it being quickly reverted, while technical indicators have turned lower around their mid-lines, indicating that buying interest receded ahead of Wall Street's close. The downward potential, however, remains limited, with only a break below the 1.2330/40 region signaling a steeper decline ahead. Support levels: 1.2445 1.2400 1.2365 Resistance levels: 1.2490 1.2520 1.2560.
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